venture-spin-out-playbook

# Venture Spin-Out Playbook Guía al operador del studio a través de la **mecánica de separar (spin out) una venture** de la estructura del studio cuando madura lo suficiente para operar como LLC independiente. ## ⚠️ DISCLAIMER LEGAL FUERTE Spin-outs tocan múltiples dominios regulados: - **Corporate law** (formación de nueva entidad, shareholder agreements) - **Tax law** (tax events al transferir assets) - **IP law** (asignación de intellectual property entre entidades) - **Employment law** (migración de empleados entre entidades) - **Contract law** (asignación o reemplazo de customer contracts) **Esta skill genera un playbook estructural**. **NO reemplaza**: - Corporate lawyer - Tax advisor (CPA) - IP lawyer (especialmente para patents/trademarks) - Employment lawyer (si hay empleados formales) Un spin-out mal ejecutado puede resultar en: - Disputes legales con el studio original - Pérdida de customer contracts - IP disputes (quién owns qué) - Tax liabilities inesperadas ## Regla de idioma Español. Términos legales en "español (English)" primera vez. ## Directorio de salida ``` ./portfolio/{studio-name}/spin-outs/ ├── {venture-name}-spin-out-plan.md # Plan completo por spin-out ├── ip-assignment-checklist.md # IP assignment per venture └── contract-migration-tracker.md # Contracts a migrar ``` --- ## Cuándo spin out Triggers que justifican separar una venture del studio: ### Signals positivos (spin out appropriate) - Venture alcanza **revenue threshold** (ej. $10k-$20k MRR recurring) - **Equipo dedicado ≥3 personas** full-time - **Interest de VC** o term sheet recibido - **Customers significativos** que preferirían contratar entity dedicada (B2B enterprise) - **Regulatory requirements** que exigen entity separada (fintech, healthtech, etc.) - **Founder natural de esa venture** emerge (no el studio GPs — alguien que vivirá esto full-time) ### Signals negativos (NO spin out todavía) - Revenue inestable o decreciendo - Team sigue siendo studio GPs part-time - Pre-PMF todavía - Legal/regulatory no lo requiere --- ## Las 7 capas del spin-out Cada una con su checklist: ### Capa 1: Legal Entity Formation - Formar nueva LLC/Corp en jurisdicción apropiada (ver skill `structure-decision`) - Registered agent + business address - EIN (Employer Identification Number) si US - Operating Agreement con governance structure - Initial shareholders resolutions **Anti-pattern**: usar el studio como "parent" sin clear legal separation — parece parent-subsidiary pero no lo es → liability contagion risk. ### Capa 2: IP Assignment Este es **CRÍTICO** y frecuentemente mal ejecutado. **Inventory del IP a transferir**: - Codebase (Git repos) - Trademarks (brand name, logo) - Domain names - Patents (si aplica) - Trade secrets (algoritmos propietarios) - Customer lists / data - Documentation - Designs / creative assets - Content / editorial **IP Assignment Agreement** (legal document) entre studio → nueva entity: - Lista explícita del IP que se transfiere - Effective date - Consideration (usualmente nominal $1 o equity swap) - Warranties (studio warrants it actually OWNS el IP — important if third parties contributed) **Common trap**: freelancers o ex-employees pueden haber contribuido IP. Si sus contracts no tenían assignment clauses, they might own part of the IP. Validar antes de spin out. ### Capa 3: Contracts Migration Para cada customer contract: - **Option A — Novation**: transferir formally el contract del studio al new entity. Requiere customer consent. - **Option B — New contract**: cancelar contract con studio, firmar new contract con new entity. Customer debe estar on board. - **Option C — Sub-licensing**: studio retains contract, sublicenses services from new entity. Simpler but not clean separation. **Recomendación**: Novation cuando posible. Más clean, customer prefers (same terms continuing), no interruption. **Timing**: anunciar spin-out a customers con 30-60 días de anticipación, acompañado por explicación del why y FAQs. Major customers pueden requerir meetings individuales. ### Capa 4: Team Migration Para cada persona trabajando en la venture: **Employees formales**: - Terminate employment en studio - Hire en new entity - New employment agreement - Transfer benefits (health insurance, retirement) if applicable - Final paycheck + any accrued PTO payout **Freelancers / contratistas**: - Terminate contract con studio - New contract con new entity - Transfer IP assignment (re-sign to new entity) **Equity holders**: - If they had sweat equity in studio → negotiate how it transfers - Usually: cancel studio equity, issue equivalent equity in new entity (with fresh vesting period if appropriate, or grandfathered) ### Capa 5: Cap Table La nueva entity necesita su cap table. Typical structure: | Shareholder | % | Notes | |---|---|---| | Founder (natural) | 50-70% | Usually the person who will run it full-time | | Studio (as founder / investor) | 20-40% | The studio retains meaningful stake | | Employee pool | 10-15% | For future hires + team | | Advisors (if any) | 0-5% | Per FAST agreement | **Studio stake**: - If studio contributed capital + IP + team: studio deserves stake - Typical ranges: 20-40% at spin-out for "studio-built" ventures - This stake may dilute over future rounds **Founder stake**: - The person leaving studio to run venture full-time gets lion's share - Reflects ongoing commitment + risk taken (leaving studio salary) ### Capa 6: Financials Separation - Open **separate bank accounts** (Mercury for US, local bank for LATAM OpCo) - Transfer cash allocation from studio → new entity (with documentation — is it a loan? investment? service payment?) - Set up **accounting from zero** (new books, no mixing historical data with studio) - **Tax registration** in relevant jurisdictions - **Pricing/billing** under new entity's name **Common trap**: commingling funds por meses mientras migration happens. Riesgo legal — makes separation unclean, pierce-the-corporate-veil risk. ### Capa 7: Branding / Marketing - Domain transfer (if shared with studio, acquire own domain) - Website rebuild or transfer - Social media accounts (transfer ownership or create new) - Email accounts (@newventure.com vs @studio.com) - Stationery, business cards - Customer communication of rebrand if applicable --- ## Flujo del skill ### Paso 1 — Assess readiness **SO-1**: "¿La venture cumple los signals positivos de spin-out? - [ ] Revenue ≥ $10k MRR sustained 6+ months - [ ] Team dedicado ≥3 FT (no studio GPs part-time) - [ ] Pre-PMF → PMF validated - [ ] VC interest / term sheet - [ ] Customer signals (enterprise asking for dedicated entity) - [ ] Regulatory signals (need own entity for compliance) - [ ] Natural founder ready to go full-time Si marcaste <3 signals: probably NOT ready. Revisar en 3-6 meses." ### Paso 2 — Define structure **SO-2**: "Invocar `structure-decision` skill para elegir jurisdicción + forma legal para la nueva entity. Considerar: - Mercado objetivo de la venture - Fundraising plans (VC friendly jurisdictions = Delaware or Cayman) - Founders' tax residency - Special regulations por sector Output: jurisdicción + forma (Delaware LLC vs. Delaware C-Corp vs. Cayman Sandwich setup)." ### Paso 3 — IP inventory **SO-3**: "Listar todo el IP creado para esta venture mientras estaba en el studio: - [Codebase repos] - [Trademarks filed] - [Domains owned] - [Patents] - [Trade secrets / algorithms] - [Customer data] - [Content / assets] Identificar quién lo creó (staff studio, freelancers, contratistas). Si hay third parties sin assignment agreement en file → flag como potential issue." ### Paso 4 — Contracts inventory **SO-4**: "Listar todos los contracts activos under this venture: - Customer contracts (con valor > $) - Vendor contracts (hosting, tools, SaaS) - Partnership agreements - Licensing agreements Per cada uno decidir: novation, new contract, o sub-licensing." ### Paso 5 — Team plan **SO-5**: "Listar personas involucradas + action plan: | Person | Current role | Action post spin-out | Equity in new entity | |---|---|---|---| | [Natural founder] | Lead | Full-time new entity | 50-70% | | [Team member] | Role | Transfer to new entity | 0-5% + vesting | | [Studio GP] | PM part-time | Remain in studio; advisor to new entity | 0-3% (advisor) | | [Freelancer] | Dev contract | Transfer contract | 0 (contractor) |" ### Paso 6 — Cap table design **SO-6**: "Cap table inicial de la new entity. Considerar: - Studio stake (20-40% typical) - Founder stake (50-70%) - Employee pool (10-15%) - Advisors (0-5%) Generate via skill `cap-table-per-venture`." ### Paso 7 — Timeline **SO-7**: "Spin-out timeline realista: - **Week 1-2**: legal entity formation, accountants engaged - **Week 3-4**: IP inventory + assignment agreement drafted - **Week 5-6**: team communication + employment changes - **Week 7-8**: customer communication + contract migrations begin - **Week 9-10**: bank accounts + financial separation - **Week 11-12**: branding, website, announcement Total: **~3 meses** para spin-out clean. Quick-and-dirty en 4-6 semanas = likely issues." --- ## Output Generar `./portfolio/{studio}/spin-outs/{venture}-spin-out-plan.md`: ```markdown # Spin-Out Plan — [Venture Name] **⚠️ DRAFT ONLY — NOT legal advice. Validate with corporate + tax + IP lawyers.** ## Readiness assessment | Signal | Status | |---|---| | Revenue ≥ $10k MRR 6+ months | ✅/❌ | | Dedicated team ≥3 FT | ✅/❌ | | PMF validated | ✅/❌ | | VC interest | ✅/❌ | | Customer signals | ✅/❌ | | Natural founder | ✅/❌ | **Decision**: [GO / WAIT / NO] ## Proposed structure - Jurisdicción: [e.g., Delaware LLC] - Legal form: [e.g., LLC with potential C-Corp flip] - Banking: [e.g., Mercury] ## IP inventory + assignment [Lista completa + ownership status] ## Contracts to migrate | Contract | Type | Migration method | Target date | |---|---|---|---| | [name] | Customer | Novation | [date] | | [name] | Vendor | New contract | [date] | ## Team migration plan [Table completa] ## Cap table (new entity) | Shareholder | % | Shares | Vesting | |---|---|---|---| | [Founder] | 60% | X | 4yr/1yr cliff | | Studio | 25% | Y | Fully vested | | Employee pool | 10% | Z | Per hire vesting | | Advisor | 5% | W | Per FAST | ## 12-week timeline [Detailed week-by-week plan] ## Risks + mitigations - [Risk 1]: [Mitigation] - [Risk 2]: [Mitigation] ## Legal + advisors engaged - [ ] Corporate lawyer: [name] - [ ] Tax advisor: [name] - [ ] IP lawyer: [name] - [ ] Employment lawyer: [name] (if applicable) ``` --- ## Principios clave - **Clean separation > shortcut**: 3 meses clean spin-out > 6 semanas messy spin-out - **IP assignment first**: sin IP ownership, el spin-out puede ser unwound - **Customer communication early**: major customers prefer knowing 60 días ahead - **Studio retains stake**: 20-40% stake es fair para studio's contribution - **Accounting separation desde día 1**: evitar commingling ## Anti-patterns - Spin-out antes de PMF (usually kills the venture — timing wrong) - Olvidar IP de freelancers sin assignment clauses - Transfer de cash sin documentation (loan? investment? unclear) - Customer communication last-minute (damages relationships) - No retirar accounting hasta que esté separado (creates mess) - Studio retains too much (60%+) — kills founder motivation - Studio retains too little (<15%) — no worth it for studio ## Integración con otras skills - **`structure-decision`**: prerequisite — jurisdicción + forma legal - **`cap-table-per-venture`**: para estructurar el cap table de new entity - **`sweat-equity-agreement`**: para equity del founder + team en new entity - **`liability-contagion-analysis`**: si la venture era 🔴 y operaba en studio single-LLC, el spin-out reduces contagion risk - **`structure-evolution-roadmap`**: el spin-out es una de las rutas (Single-LLC → Multi-LLC) ## Recursos - [Cooley Go — Spin-Out Agreements](https://www.cooleygo.com/) - [Y Combinator — Founder Agreement templates](https://www.ycombinator.com/library) - [Carta — Cap Table management post spin-out](https://carta.com/) - [Clerky — Formation docs + corporate housekeeping](https://www.clerky.com/)